- Technical Market Commentary -

August 4, 2010 (FinancialWire) (By Frank Kollar) — It was two weeks ago when we wrote that shares of Sempra Energy (NYSE: SRE) had broken out. On Tuesday, August 3, they broke out again.

Share prices held around $51.00 for a week and then, after two days of profit taking on July 29 and July 30, Sempra rallied and on Tuesday, August 3, broke above the congestion and closed at $51.36 a share. Share prices should continue to move higher in coming days.

Sempra Energy lost some 23% in 2010 as shares dropped from a high of $57 to bottom at $43.91 in intra-day trading on May 25. Shares of Sempra Energy should reach at least $52.13 in this advance. A close above $52.13 would likely result in an advance that tests the old highs at $57 a share.

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Disclosure: The Fibtimer.com (http://www.fibtimer.com/) Stock Timing Strategy holds a position in Sempra Energy.

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